Member Article

FinTech firm Azimo receives eight-figure backing from Japanese giant Rakuten

Digital money transfer firm Azimo has announced $15m (approx. £10.3m) of new investment, led by Japanese giant Rakuten.

The global technology company was also joined in the funding round by existing Azimo investors including eVentures, Frog Capital, Greycroft, Accion and MCI.

The London-based tech firm, who were founded in 2012, will look to use the cash to further its expansion in Asia, building on its presence in the Philippines and Thailand and bringing its remittance services to more countries in the region.

With one in seven Asian households benefiting from remittances, and the highest smartphone penetration of any region in the world, Azimo have targeted the Far East as an area ‘ripe for digital distribution’.

Michael Kent, CEO and Founder, of Azimo commented: “Rakuten’s investment is fantastic news for both our customers and the Azimo team. Our focus has always been to transform the way people send money around the world, and we’ve been lucky enough to receive lots of offers of funding on our journey.

“While we weren’t actively looking for additional capital, the approach from Rakuten really appealed because of their presence in markets core to our long-term ambitions.

“They have a huge presence in Asia, they really understand consumer financial services and as owners of Viber, and are a significant player in the social messaging market. The partnership will accelerate our Asian expansion and assist in our aim of developing ever deeper social network integrations.”

Oskar Mielczarek de la Miel, Managing Partner at the Rakuten FinTech Fund, will be joining the Azimo board, and he added: “Rakuten prides itself on being a catalyst for digital innovation. In Azimo we see a scalable business model, technical expertise, and a strong social mission we believe will make them even more successful in the future.”